From settlement optimization to exception 管理ment, here are a few ways 存 moved the industry forward in 2019.
1. Broadened Range of Participants in 存’s Sponsored Membership Service
FICC’s Sponsored Service expanded substantially in 2019, tripling in volume over a period of twelve months. FICC has offered the Sponsored Service since 2005, allowing bank members to sponsor their Registered Investment Company (RIC) clients into FICC. 该服务于2017年扩大, when it began permitting additional Qualified Institutional Buyer clients to lend cash and U.S. treasuries via their sponsoring member banks throughout the day. This expansion broadened the category of market participants who can participate as sponsors, and also enabled sponsor member clients to transact in clearing with market participants other than their sponsors (i.e. “行”活动).
2. 最终沉降夜周期
存 spent 2019 testing the enhancements to the settlement night cycle to be ready for January 2020 implementation. As part of 存’s initiative to optimize the settlement process, Night Cycle Reengineering was designed to maximize transaction throughput to control the order in which transactions are attempted for settlement within existing night cycle timeframes. Benefits include improved processing efficiency, reduced operational risk and improved intraday settlement finality. In addition to improved settlement rates, Night Cycle Reengineering also results in less transaction processing at 直接转矩 which should translate into a savings of approximately $3.会员每年500万美元. Night Cycle Reengineering also allows 直接转矩 to incorporate additional transactions into the night cycle – transactions that we previously couldn’t include because of timing limitations of the night cycle.
3. 增强GTR以支持SFTR
存’s Global Trade 存储库 (GTR) formed new partnerships with 系列技术、合规解决方案及策略(CSS), Finastra, to further support our mutual clients who will leverage 存’s Global Trade 存储库 (GTR) service in support of forthcoming Securities Financing Transactions Regulation (SFTR) obligations. In 2018, 存’s 存储库 and 衍生品服务 (RDS) division established GTR SFTR partnerships with EquiLend, Trax, IHS Markit and Pirum as well as Broadridge, 金融中间人 Global, Murex, RegTek.解决方案和SimCorp.
4. Expanded Margin Transit Utility Community
存’s Margin Transit Utility (MTU) collateral settlement infrastructure community expanded further in 2019, as the firm moved beyond its pilot production phase. Driven by their clients’ needs to reduce risks related to operational, 流动性和交易对手风险, 主要交易商高盛, J.P. Morgan, Morgan Stanley, Societe Generale, UBS and Wells Fargo were among firms to adopt MTU. These dealers joined over 30 investment 管理ment, 管理和托管公司, including Brandywine Global Investment Management, 富达国际, 富兰克林邓普顿, Vanguard and Brown Brothers Harriman (BBH) who have adopted the service.
MTU straight-through-processing is designed to offer improved efficiency for the transfer of collateral among market participants, by centralizing communications and settlement instructions within MTU. The service includes connectivity from AcadiaSoft’s MarginSphere and 警报 for enriched standing settlement instructions (SSIs), connectivity to 托管人 and triparty providers, 结算确认, 标准化报告.
5. Brought Greater Efficiency and Stability to the Industry Through 存异常管理器 Expansion
存异常管理器 platform passed an important milestone in October of 2019, managing more than 2 million records related to 849,556 transactions/trades/exceptions and representing over $100 billion in market activity—an important step in moving the financial services industry forward.
存异常管理器 was launched in 2018 to provide a central industry platform to publish, 管理, and communicate exceptions throughout the trade settlement lifecycle process. It was created for all parties involved in the trade lifecycle, 包括买方公司, 外包商, 经纪人/经销商, 托管人, 机构经纪商, clearing brokers and other settlement agents. The platform supports all securities transactions globally, capturing exception details from participating 托管人, 经纪商和CSDs, and standardizing exception processing to enable faster issue resolution. It centralizes and standardizes exception processing to enable faster resolution, delivers a significant reduction in the number of exceptions and supports exceptions in trade validation and settlement processing. Effective collaboration and communication enable the reduction of risk and cost in the user’s settlement process while lowering the potential for failed trades.